The Japanese yen fell today (though it has pared the losses against the US dollar by now) as Japan’s gross domestic product missed analysts’ expectations.
GDP increased by 0.2% in the fourth quarter of 2016 according to the preliminary report. Experts were anticipating the same 0.3% rate of growth as in the previous three months. While the disparity between the expected and the actual readings was not big, it was enough to drive the yen down. The Japanese currency dropped also due to the risk-positive sentiment on the market, which lessened demand for currencies associated with safety.
USD/JPY was up from 113.59 to 114.16 intraday but backed off to trade at 113.67 as of 8:59 GMT today. EUR/JPY advanced from 120.69 to 121.04.
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